(Reuters) -Agrichemicals company FMC Corp on Wednesday forecast lower-than-expected adjusted profit for the year after reporting a third-quarter loss, sending its shares down more than 20% in extended trading.
Earlier this year, the company said it would divest its commercial business in India, in response to challenges in the country.
FMC’s India business divestiture and pricing adjustments led to nearly a 50% decline in net sales, which came in at $542.2 million for the quarter.
Excluding the impact of the India business sale, net sales came in 10% lower than last year at $961 million, and below analysts’ expectations of $1.06 billion, according to data compiled by LSEG.
FMC, a key player in the insecticide and fungicide market, has also been facing intensified competition in key markets, prompting it to reduce prices.
The company is one of the largest crop-protection product makers in the United States and competes with industry giants such as Syngenta, as well as German firms BASF and Bayer in the agrichemicals sector.
For the third quarter, the company reported a net loss attributable to shareholders of $569.3 million, compared with a year-ago profit of $65 million.
FMC forecast current-year adjusted profit to be in the range of $2.92 to $3.14 per share, which also missed analysts’ estimates of $3.50 per share.
(Reporting by Dharna Bafna in Bengaluru; Editing by Alan Barona)
